Median single-family home and condo prices rose in 62% q/q and at least +20% y/y in 47% of qualified opportunity zones.
Opportunity Zone Pricing Patterns Closely Paralleled Broader Housing Market in Q3 2021
In its recently released Q3 2021 Opportunity Zones Report, ATTOM Data Solutions found that single-family home and condominium prices increased from Q2 to Q3 2021 in 62% of qualified Opportunity Zones. This report also indicated that prices increased at least +20% y/y in 47% of zones analyzed.
ATTOM’s latest Opportunity Zones Report noted that prices in Opportunity Zones mirrored those of the broader US Housing market and its 10th consecutive year of price gains. In some cases, values in Opportunity Zones even exceeded price percentage gains in the broader market.
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Opportunity Zone Housing Values Increased in Q3 2021
Home values inside some of the nation’s poorest communities kept up with broader national housing market gains in Q3 2021 in spite of the pandemic’s threat to the economy.
Home prices jumped at least +25% y/y in 40% of all Opportunity Zones compared to just 30% in every community throughout the US.
“The third quarter of 2021 was just like the second, which was pretty much like the first when it came to home prices in some of the more distressed neighborhoods around the United States. Values in markets scattered through so-called Opportunity Zones kept rising at around the same pace seen in more upscale areas, as the housing market boom kept lifting fortunes just about everywhere,” said Todd Teta, chief product officer with ATTOM.
Teta continued by saying, “Home values in Opportunity Zones are still very low relative to other areas. But the ongoing gains showed that lots of households are buying in those areas- something that should lure the attention of investors looking to take advantage of Opportunity Zone tax breaks.”
Typical single-family home values in approximately 50% of all Opportunity Zones increased by more than the 15.9% y/y in the overall national median home price.
Median values ranged from $200,000 to $299,000 in 22% of Opportunity Zones in Q3 2021. In 23% of Opportunity Zones, topped the national median of $310,500.
States Where Opportunity Zone Prices Increased Most in Q3 2021
Among the states with at least 20 Opportunity Zones, states having the largest percentages of median price increases included:
- Idaho – 97% of Opportunity Zones
- Arizona – 94% of Opportunity Zones
- Massachusetts – 91% of Opportunity Zones
- Delaware – 90% of Opportunity Zones
- Utah 89% of Opportunity Zones
Top 10 Opportunity Zones with Largest Annual Home Value Gains in Q3 2021
The below listed Opportunity Zones saw home values that nearly doubled in year-over-year median home price increases:
- 227053009500 – Hennepin County MN
- From $169,971 in Q2 2020 to $337,225 in Q3 2021
- 48167724101 – Galveston County TX
- From $315,000 in Q3 2020 to $$621,323 in Q3 2021
- 120860022201 – Miami-Dade County FL
- From $414,000 in Q3 2020 to $815,000 in Q3 2021
- 53073001000 – Whatcom County WA
- From $283,500 in Q3 2020 to $557,000 in Q3 2021
- 060133372200 – Contra Costa County CA
- From $383,500 in Q3 2020 to $741,000 in Q3 2021
- 08001015000 – Adams County CO
- From $2222,500 in Q3 2020 to $429,900
- 33001966000 – Belknap County NH
- From $209,500 in Q3 2020 to $400,000 in Q3 2020
- 06073003404 – San Diego County CA
- From $335,000 in Q3 2020 to $639,500
- 12115000200 – Sarasota County FL
- From $215,000 in Q3 2020 to $410,000 in Q3 2021
- 1220570042200 – Hillsborough County FL
- From $294,500 in Q3 2020 to $560,000 in Q3 2021
Thanks to ATTOM Data Solutions.
